Bengaluru, Mar 12 (KNN) The Reserve Bank of India (RBI) has prohibited digital payment company, Paytm Payments Bank from adding new customers over issues related to material supervision.

A comprehensive audit of its IT systems has been ordered by the central bank. 

RBI issued a statement saying once the review of the IT system is complete and a report is generated, it will allow Paytm Payments Bank to onboard new customers subject to specific permission.

Paytm Payments Bank was established in 2017 bringing a wave of digital payment in India. 

It had received the RBI's permission to function as a scheduled payments bank in December.

The bank was banned by the RBI back in 2018 from onboarding customers due to violations of know-your-customer rules and the bank's close relations with One97 Communications. (KNN Bureau)